Driven by technical buying and the weakening of the US dollar, gold and silver prices have risen

On Thursday (August 28th) during the US trading session, gold and silver prices rose, with gold hitting a three week high and silver hitting a five week peak. Recently, the short-term chart patterns of the two major metals have become increasingly bullish, supported by technical buying; In addition, the decline in the US dollar index today is also favorable for these two precious metals. The price of gold futures for delivery in December rose by $12.60 during trading, to $3461.30 per ounce; The silver futures price for September delivery rose by $0.232 during trading, to $38.95 per ounce.

The second quarter gross domestic product (GDP) forecast report for the United States released today shows that the US economic growth rate is slightly higher than the initial estimate, but this data has not had a significant impact on various markets, including the metal market. The annualized GDP growth rate adjusted for inflation is 3.3%,ZehuiThe initial report stated a value of 3.0%.

Today's key peripheral market performance is as follows: the US dollar index fell slightly; Crude oil prices have weakened, trading at around $63.75 per barrel.

(COMEX Gold 1-hour Chart Source: Online)

From a technical perspective, the bulls in December gold futures have a clear advantage in the short-term overall technical aspect. The next upward target for bulls is to push the futures closing price above the key resistance level of $3500.00. The short-term downside goal of bears is to push futures prices below the July low of $3319.20, breaking through this important technical support level. The short-term resistance level first focuses on $3480.00, and the further resistance level is $3500.00; The short-term support level first looks towards Wednesday's low of $3422.20, with further support at $3400.00.

The long position of silver futures in September also holds a solid advantage in the short-term overall technical aspect. The next upward target for silver bulls is to push the futures closing price above the key technical resistance level of $39.91, the July high. The short-term downside goal of bears is to push the futures closing price below the July low of $36.28, breaking through this important support level. The short-term resistance level first focuses on $39.50, and the further resistance level is $39.91; The short-term support level first looks towards the overnight low of $38.68, with further support at $38.00.

At 00:49 Beijing time, spot gold was reported at $3417 per ounce, an increase of 0.58%. Spot silver was reported at $39.073 per ounce, up 1.33%. COMEX gold was reported at $3474.8 per ounce, up 0.76%. COMEX silver closed at $39.75 per ounce, up 1.37%.